Economists polled by MarketWatch expect gross domestic product for the fourth quarter to be sliced to 2.4% from 3.2% when the Commerce Department updates the report on Friday for the first time. GDP is revised twice after its initial release.

The slower growth figure is likely to stem from three things. Consumer spending was not as strong as the early numbers implied. Growth in exports was a bit less robust. And companies did not stock up inventories quite as much.

Even with the downward revision, however, the fourth-quarter report should have more good than bad. Consumer spending – the engine of U.S. growth – still posted a strong gain close to 3% and businesses boosted investment in critical goods such as computers.

Of course, whatever momentum the economy possessed back then has been stunted in part by severe winter weather in January and February. The economy is forecast to slow to a 1.9% pace in the first quarter, perhaps less, before reaccelerating in the spring and summer.

Also on Friday are a trio of smaller reports on consumer sentiment, manufacturing in the Chicago region and pending U.S. home sales.

The University of Michigan consumer-sentiment is survey is projected to rise slightly in February to 81.8 from 81.2. The Chicago PMI is seen dropping down to 56.0% from 59.6% in February. And pending home sales are also expected to decline in January.